6 Easy Ways to Improve Your Financial Health
In celebration of International Credit Union Day in October, we asked our members for their best financial health tips. We were so impressed by all the thoughtful and smart responses we received; we decided to share them. Read on for the easiest ways to improve your financial health, as told by our members!
#1 - Start your savings somewhere.
Each month or paycheck, pay yourself first by putting money in your savings account. And, if you’re comfortable, you can even set up automatic transfers in Online Banking.
#2 - It’s never too early to start retirement planning and saving.
Set your retirement goals early and live below your means to meet or exceed them. Start saving for retirement as soon as possible, taking advantage of employer match benefits on your 401k. If your workplace does not offer a 401k, start saving in your own IRA.
#3 - Create a budget and stick to it by tracking your spending.
The first step is to create a budget, write it down or use an app like Money Management. Keep yourself accountable to your budget by actively analyzing your spending and making the tough decisions between needs and wants.
#4 - Make a plan to conquer your debt.
The majority of adults have debt, but not everyone has a debt management plan. Write down the amounts and terms of your debt and a plan to tackle it. Talk to a trusted financial advisor to decide where best to start and if tools like consolidation can help.
#5 - Do your research and make your credit cards work for you.
Each credit card is unique in rate and rewards. Before applying for a credit card, do your research to see which will work best for you. Work towards the goal of paying your credit card off each month and using points or cashback to your advantage.
#6 - Make smart investments.
Educate yourself before investing by using trusted resources and individuals. Start making small investments early, and they will grow over time. Think outside of the box. Investing doesn’t only mean stocks and retirement; it could be real estate like a home too.